Last June, Bitcoin was amidst the throes of the bitter “scaling debate” we all knew was coming. Some, like me, say Roger Ver, who spearheaded the “big blockers,” is the worst enemy Bitcoin has ever encountered…quite ironic, as “Bitcoin Jesus” was once its greatest friend. However, others will say “if not him, someone else” – as ultimately, it had to be determined if 1) big blocks are a better solution than off-chain scaling; and 2) the Bitcoin network could withstand “hard fork” attacks.
The other major enemy was Jihan Wu, CEO of Bitmain – then, the largest Bitcoin miner…who today, is being rapidly marginalized, as numerous, much larger corporations - and sovereignties - enter the picture. His motivation – monopoly; was different from Roger Ver’s – control; but together, the two managed to wreak havoc on Bitcoin via fraud, propaganda, and market manipulation…the last straw, being the UAHF hard fork threat Wu issued in mid-June.
In the big picture, this was a good thing – as it showed Bitcoin can withstand anything by mobilizing a global consensus…either overtly, via the UASF; or indirectly, through the overwhelming response of Bitcoin’s “silent majority.” In this case, it led to SegWit being “locked in” July 21st…aided, of course, by Charlie Lee pushing it through on Litecoin to show it works.
https://twitter.com/Andy_Hoffman_CG/status/1019163849692311552
- Andy_Hoffman_CG
From a low of $1,800 in mid-July – with SegWit still in doubt, and the BCash fork looming August 1st - Bitcoin surged to $2,500 when SegWit locked in July 21st, $5,000 six weeks later, and $20,000 six months later…before the inevitable correction, made much more dramatic by newly launched “Crypto Hedge Funds” maniacally bidding up hundreds of useless altcoins after the New Year. Which, I might add, is exactly what they’ll do again – likely, sooner rather than later.
SegWit activation was unquestionably, the most important day in crypto - and potentially, monetary – history…as it legitimized Bitcoin to institutional investors, yielding the surge above a $100 billion market capitalization that has staunchly held since. Plus, the launch of CME and CBOE Bitcoin futures; and potentially, several Bitcoin ETFs later this year – the first, if approved August 10th, this summer…which is probably why, as I’ve been writing about all week, the hallmarks of a crypto BULL MARKET appear to be returning…
https://twitter.com/Andy_Hoffman_CG/status/1018920520471887872
- Andy_Hoffman_CG
…and why, just six months after one of the biggest crashes of modern times, Bitcoin’s fundamentals are exponentially strengthening – setting the table for what could be a FAR bigger bull run in the not-too-distant future…particularly as the May 2020 halving looms just 22 months away!
https://twitter.com/Andy_Hoffman_CG/status/1018867326836281344
- Andy_Hoffman_CG